Brokerages Set Dave Inc. (NASDAQ:DAVE) Target Price at $262.17

Shares of Dave Inc. (NASDAQ:DAVE) have earned an average recommendation of “Moderate Buy” from the nine research firms that are covering the company, MarketBeat reports. One research analyst has rated the stock with a hold recommendation and eight have issued a buy recommendation on the company. The average 1-year price target among analysts that have issued ratings on the stock in the last year is $262.1667.

A number of brokerages have weighed in on DAVE. Barrington Research reaffirmed an “outperform” rating and issued a $290.00 price target on shares of Dave in a research note on Monday, August 18th. Canaccord Genuity Group boosted their price objective on shares of Dave from $179.00 to $229.00 and gave the stock a “buy” rating in a research report on Friday, August 8th. Benchmark restated a “buy” rating and set a $320.00 target price on shares of Dave in a report on Monday, July 14th. Citigroup restated an “outperform” rating on shares of Dave in a report on Thursday, August 7th. Finally, Piper Sandler restated a “neutral” rating on shares of Dave in a report on Tuesday, June 10th.

Dave Stock Performance

Shares of DAVE opened at $229.42 on Friday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 9.51 and a current ratio of 9.51. Dave has a twelve month low of $35.22 and a twelve month high of $286.45. The firm’s 50 day moving average price is $210.98 and its two-hundred day moving average price is $166.81. The firm has a market cap of $3.10 billion, a P/E ratio of 60.69 and a beta of 3.94.

Dave declared that its Board of Directors has authorized a share buyback program on Wednesday, August 13th that permits the company to buyback $125.00 million in outstanding shares. This buyback authorization permits the fintech company to repurchase up to 5.1% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.

Insider Buying and Selling at Dave

In other Dave news, Director Yadin Rozov sold 14,660 shares of the company’s stock in a transaction on Thursday, September 4th. The shares were sold at an average price of $199.54, for a total value of $2,925,256.40. Following the transaction, the director directly owned 79,923 shares in the company, valued at $15,947,835.42. The trade was a 15.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Michael W. Pope sold 1,793 shares of the company’s stock in a transaction on Monday, June 23rd. The shares were sold at an average price of $209.82, for a total transaction of $376,207.26. Following the completion of the transaction, the director owned 6,375 shares in the company, valued at approximately $1,337,602.50. This represents a 21.95% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 28,736 shares of company stock worth $5,886,141 over the last ninety days. Insiders own 28.48% of the company’s stock.

Hedge Funds Weigh In On Dave

Several institutional investors and hedge funds have recently modified their holdings of the stock. Osaic Holdings Inc. increased its holdings in shares of Dave by 4,341.4% in the second quarter. Osaic Holdings Inc. now owns 13,724 shares of the fintech company’s stock valued at $3,683,000 after purchasing an additional 13,415 shares during the last quarter. Cim LLC bought a new stake in shares of Dave in the second quarter valued at about $632,000. FORA Capital LLC bought a new stake in shares of Dave in the second quarter valued at about $1,758,000. WealthCollab LLC bought a new stake in shares of Dave in the second quarter valued at about $30,000. Finally, Tenzing Global Management LLC bought a new stake in shares of Dave in the second quarter valued at about $6,442,000. 18.01% of the stock is currently owned by institutional investors and hedge funds.

Dave Company Profile

Dave, Inc is a digital banking service. Its products include a budgeting tool to help members manage their upcoming bills to avoid overspending, cash advances through its flagship ExtraCash product to help members avoid punitive overdraft fees, a Side Hustle product, where Dave helps connect members with supplemental work opportunities, and Dave Banking, a modern checking account experience with valuable tools for building long-term financial health.